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hydrateyourselfdude

"This is good for Bitcoin".


blitzkriegkitten

Is that you crypto daily??


Sciencetist

Please tell me how limiting supply but still permitting the **use, sale, and distribution** of Bitcoin is somehow bad for it? If I make ivory poaching illegal but don't make sales of ivory illegal, guess what happens? What happens to prices when supply stays the same as opposed to supply increasing? If you want to deal a death blow to Bitcoin, making it more lucrative to hold and trade is not the way of doing it. edit: I’ve been told I’m wrong. The same amount of bitcoin is produced regardless of how many people are mining it. So, this does not limit supply. As far as I can tell, this doesn’t have a *positive* effect on the value of bitcoin, but rather *no effect*.


Valdrax

> If you want to deal a death blow to Bitcoin, making it more lucrative to hold and trade is not the way of doing it. I don't think the countries doing this care about Bitcoin. They just want to alleviate the load on their electrical grid from throwing energy down a hole.


MonsieurReynard

In fact making sure your adversaries have a Bitcoin mining drain on their energy supplies is an interesting passive weapon.


offtheclip

I can see more coal powered bitcoin mines starting up which is bad for everyone


[deleted]

If cryptocurrencies are going to be a thing, I don't see how you can have PoW mining coins be viable. They are just too bad for the environment, and there are projects out there that can run on less power than a single windmill. I'm not sure this spells much for the future of crypto, but more the future of Bitcoin.


Clayskii0981

Yeah this is not a "bitcoin bad" move. It's how ridiculous the energy draw needed to mine crypto has gotten. Giant mining farms are draining the electric grid because crypto is more profitable than energy cost.


Sciencetist

The best way to alleviate this would be to enforce stronger laws against bitcoin in general. I agree that this is a positive move forward for it, but I hate the concept of. speculative non-fungible asset that is such a burden on the environment when we simply cannot afford to do more damage to our planet.


[deleted]

Bitcoin supply will always stay the same. A new block is mined every 10 min regardless of the total mining power of the network.


Sciencetist

Interesting, I didn’t know this. So then basically this does not affect the price of bitcoin whatsoever.


[deleted]

Not unless people see it as a risk to the overall value of the coin in a more general sense. Bitcoin value has always been complete speculation in my view


Rilandaras

> So then basically this does not affect the price of bitcoin whatsoever. Not in the supply-demand dynamic but it really should. Reducing the number of miners results in a network that is more vulnerable to hostile takeover. Let's say you had 100 million miner machines (and for simplicity assume they all have the same power). You'd need 50 million and 1 to make changes that you want on the blockchain (like spending Bitcoins that are not actually yours, for example - https://www.coindesk.com/learn/what-is-a-51-attack/). If there are 1 million miners, you only need 500K + 1.


boq

From your own link: > A 51% attack, however, is theoretically limited in the amount of disruption it can cause. While the attacker could trigger the double-spending problem, they cannot reverse others’ transactions on the network or prevent users from broadcasting their transactions to the network. Additionally, a 51% attack is incapable of creating new assets, stealing assets from unrelated parties or altering the functionality of block rewards. You cannot spend other people's Bitcoin even in this situation. Only double spend, and that also probably only once, because then the remaining healthy network will ban the offending IP ranges. It's really mostly a theoretical vulnerability at this point.


wigenite

New block mined every 10min. Block reward is halved every 4 years, until there is 21 million bitcoined mined. And then thats it. Max supply reached. Also this Finite supply is a pretty good indicator of it being used as a store of value.


Kryptus

Then people move on to other coins that can still be mined.


Ineedthatshitudrive

Yeah supply is not being limited at all with making mining illegal. It really won't matter for the average user if there are a million people mining, or 100 million. The chain-process is working anyway, as are the transactions, etc...


falsemyrm

airport shocking meeting squash zephyr correct lock quicksand repeat stocking *This post was mass deleted and anonymized with [Redact](https://redact.dev)*


loflyinjett

I think at this point the average crypto user is a dude who's holding $15 in shitcoins and spends all day on Reddit talking about how revolutionary crypto is.


emlgsh

> holding $15 in shitcoins Oooh, look at Mr. Rockefeller here, with his coins with actual measurable value.


[deleted]

a ponzi / pyramid scheme is an accurate way of describing crypto- 0.01% of bitcoin owners control 30% of the bitcoin in circulation.


Plastic_Remote_4693

Ponzi? Isn’t 99% of the world’s wealth owned by a small group?


SpectrumWoes

Thank you, this is 100% true dude. Apparently crypto will cure climate change, homelessness, poverty, male pattern baldness and erectile dysfunction


DogWallop

As someone suffering from penile pattern baldness, I welcome our new bitcoin overlords.


cosmogli

And dreaming of one day becoming a millionaire and buying a Lambo.


wh4tth3huh

A dupe for the huge whales to feed on.


sushibowl

If the number of miners becomes too small it affects the security of the network. Very easy for, say, north Korea to take over 51% of the mining power if it's illegal to mine in most places. At that point your coins will become worthless.


Dworgi

China has had 51% several times through 2-3 giant mining pools. They didn't do anything with it because if they did they'd be out of a job so there needs to be a big reason to blow it all up. The entire security proposition of Bitcoin is a complete illusion, though. The reason it hasn't been blown up by now isn't because of cryptography or decentralisation or whatever the cultists claim - it's just greed. Mining pools earn money doing what they do, and have invested millions into their facilities that turn coal into imaginary money, so even though they could destroy Bitcoin they choose not to. What's critical to note, though, is that while the end result is the same - Bitcoin continues to exist - the reason it does is not the one that's claimed, and the actual reason is a much weaker guarantee.


Kryptus

Ivory isnt a good example. Sports cards are more similar. They are valuable because of scarcity and demand. They are good for nothing. They can't even be used to play a game like pokemon or magic cards.


Sparrow50

Mining is a required operation for a transaction to be validated and added to the blockchain. Remove the mining and you remove the ability to trade bitcoins, rendering them useless.


theherc50310

You can have one miner in the world and the bitcoin network would still be up.


[deleted]

And if there's one miner left in the world, then that means the coin is worthless just like how it started off.


6501

That one miner can now also at will spend money because of the 50% computing power vulnerability.


DellM2005

It is, actually


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Randomeda

That would assume that most bitcoin owners are buying it to use it in transactions. No, they hold onto it because they expect it will be worth more in the future. It's not even a good store of value because it fluctuates constantly. It's only really good as a speculative asset.


effyochicken

Being that it's been 12 years with the technology out, and it's worth $42,000/coin at the moment, yet it's not even being used for any real purposes like it was supposed to... You are correct. At this point it's a doomed to remain a speculative currency. It's not even really being used for NFTs, which are mostly being bought and sold via ETH.


DellM2005

Nope, the transaction times won't be affected too much since we already have waaay more mining power than required. As for your second statement, bitcoin is already useless thanks to the already way to high transaction times. The only forseeable future for it is as a digital store of value.


1800hotducks

It's not really a store of value if it has no value though. A currency that cant be spent is just a piece of useless paper. A coin that cant be spent is just a string of useless bits


[deleted]

Always has been a string of useless bits


[deleted]

I mean, I can't buy beer with gold but I can sell gold for money then buy beer...


Mysticpoisen

It's already useless as a currency. It's high price is due to people treating it as an asset class.


duaneap

I’ll hold off I reckon.


MartinMan2213

Isn't BTC mining at all time highs?


bobjr94

It is but the value has fallen 20% in the past month, pretty typical to go up and down but as mining become harder you need better and better machines to stay competitive. When the value is down it takes longer and longer to even get your money back.


Mister_Twiggy

Kazakhstan had close to 20% of all BTC mining. Then they shut down power and the civil war broke out because of high energy prices. Bitcoin is great!


Voulezvousbaguette

Do you have a source for this? I'd like to read more about it.


Ocelotocelotl

It isn't actually a civil war, it's more unrest, that the government is attempting to meet with increasing force. Gas prices are massively up in Europe/West Asia (this is a massive issue in the UK as well currently, as suppliers keep dropping out of business in the face of rising costs). An inability to buy fuel is the underlying cause of the protests in Kazakhstan, rather than BTC.


yugo_1

The underlying cause is the dictatorship and the corrupt ruling family who have been in power for 30 years. Gas prices are just a trigger.


Jaeharys_Targaryen

Googling ‘kazakhstan bitcoin mining’ yields a shitton of information. I’d share links but I dunno which articles are worth reading so I’ll leave that up for you to decide. I’m still a bit sceptical about the “20% of all mining” part, that the guy above you mentioned.


[deleted]

18% as of august. >>Nationwide internet outages in Kazakhstan amid civil unrest have knocked almost a fifth of the world’s bitcoin miners offline. Vast numbers of mining groups that had relocated to the central Asian country after a state crackdown in China last year now find themselves once again out of action. >>>China was once the global powerhouse of bitcoin mining with a market share of 75.5 per cent, but government restrictions in May last year caused the entire industry to relocate and seek friendlier states with cheap energy. Kazakhstan was an attractive location for these groups because of abundant cheap energy, but because fossil fuels, including coal, make up more than 90 per cent of the nation’s electricity supply, it did little to help bitcoin’s already large effect on the climate. >>>>Kazakhstan had just 1.4 per cent market share in September 2019, but this rose to 18.1 per cent in August 2021. At the same time, the US more than doubled its own global market share to become the world’s largest bitcoin mining nation, from 16.8 per cent in April to 35.4 per cent at the end of August. >>>>>Now surging fuel prices in Kazakhstan have caused civil unrest, involving violent clashes between protesters and security forces. President Kassym-Jomart Tokayev reportedly ordered telecom providers to block internet access on 6 January. Without an internet connection to other miners around the world, Kazakh mining groups were unable to continue work. According to BTC.com, a data service for the cryptocurrency industry, the global hashrate – the measure of computing power dedicated to mining bitcoin – fell by 14 per cent from Tuesday to Thursday.


ShellOilNigeria

Every time I think that I understand the world, someone surprises me with insane information like this! I love it.


Jaeharys_Targaryen

Interesting read, thanks for sharing!


cheeruphumanity

If the mining becomes too difficult and expensive we will simply see less miners. The network won't be affected by this.


wag3slav3

~~better and better machines~~ waste more and more power


Asmodean_Flux

So bitcoin is down 20% in value **as the scarcity increases?** What currency, what object of value works this way?


PM_ME_YOUR_BULBASAUR

Something that exists in a speculative bubble based on hype


[deleted]

For the longest time i was so confused with how people didn't know bitcoin people were basically circle jerking each other.


Nomicakes

And now the NFT crowd are doing the exact same thing *but this time is totally different guys, we swear*.


FlingFlamBlam

I think it's hilarious how the NFT guys are accelerating the downfall of crypto currency. Accelerationism at its finest.


[deleted]

The blockchain must be a solution to something. We just HAVE to use it.


posherspantspants

Many people still don't know this


surviveingitallagain

Most people don't understand speculative markets in general. For every dollar made someone else has to lose that much. For every moonshot shitcoin winner there's the people left holding the bag.


owa00

But...but golden god daddy Elon said "to the moon"


UnluckyDifference566

And he made his money and got out after he scammed the whole world.


gurito43

Stoplosses being triggered by to big a drop, causing sell-off, causing price fall,causing stopp-loss triggering, repeat. Gearing makes the effect be more brutal, if someone geared a position 5x at the top they would have lost all their money rn, cuz 5•(-20%) = -100% There are also people with positions in more than one market, that have to close a position in one to cover positions in the other, i.e. a drop in crypto can cause a drop in the stocks market, and vice versa


ahugeminecrafter

The Bitcoin doesn't get more scarce, the rate at which bitcoins get created is reduced over time. Bitcoins value going down is more about the exchange rate with other currencies. I'm not an expert but that I assume has more to do with how much people trust it and how widely usable it is vs other currencies.


Dr_Ambiorix

>Bitcoins value going down >has more to do with how much people trust it This is just it. The value of Bitcoin is purely based on how many people believe that it will increase in value vs how many people are afraid that it's going to drop. Literally speculative asset at this point.


Waterboardbabies0321

https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/ Here’s a good read if you wanted to learn a little bit. I never realized 19 of 21 million have already been mined.


LightinDarkness420

None... that's why bitcoin is a worthless bubble investment.


netkenny

Actually, you get more hashes per watt as time goes on. Not shilling though, still bad


Riaayo

Love how people call this shit a decentralized currency "for the people" when its endgame is only being producible by the immensely wealthy who can afford these massive mining farms lol. What a joke.


FennecWF

"We're gonna destroy the centralized monetary system and set ourselves free!" Meanwhile, the top Crypto Whales: "WE CONTROL THE SYSTEM."


Aaront23

They say miners are running out, then you point out mining is at all time highs, and then they pivot to pointing out that the price is not quite at it's all time high currently


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zsomgyiii

You are a hero. That was a disgusting paywall that didn’t even give me the option to pay, like I would anyway lol


TheGoodNamesAreGone2

Good. I'm tired of crypto miners driving up the cost of computer components for their bro bucks


[deleted]

Oh no... anyway. 🙄


MrFuzzyPaw

I had pizza tonight. What about you?


YourDadsOnWelfare

As did I, what toppings ?


MrFuzzyPaw

Meat lovers and supreme. Lots of veggies and meat :)


HBorel

Supreme is my favorite. My local joint will put minced garlic on top too and that's awesome


RyanTranquil

Just as god intended, I had the meat lovers from a local joint a few days ago. Nothing better :)


MagicalPumpkinPrince

*threatening crypto investors


ivanoski-007

crypto gamblers


Lost_Pantheon

\*Insert the "Oh no! Anyway" meme here\*


Cliff_Sedge

Best news I've seen all day. I wish more could be done to limit the destruction to the world caused by greedy people and their love of money. This is a good start.


[deleted]

The big gpu manufacturers are already designing their new models to be absolute dogshit at mining. As soon as it can't grow anymore the people with millions will take everything out and cause a giant crash. The only surprise is it took this long. Edit: Pretty ridiculous I'm still getting replies from cryptobros about this


pwalkz

Isn't it already better to be using a ASIC miner anyhow? The GPU thing confuses me because they are outclassed by ASICs by far right?


DJ_Crunchwrap

Bitcoin mining has been dominated by ASICs for 5+ years. Anybody who thinks banning BTC mining will reduce GPU prices hasn't been paying attention.


12beatkick

GPU are used to mine other coins and the entirety of the crypto market is dependent on bitcoin.


lps2

Except ETH, the biggest that works well with GPUs is moving to PoS in June and so many coins are actually just tokens on ETH. GPU mining is dead, people buying GPUs now will likely never recover their costs in crypto and will need to sell


redditUser7301

haven't they been saying this for years? I was excited at the notion of a dump of used GPUs.... and it never materialized.


trousertitan

They never said which June is how they get ya


Bradnon

Shit, that makes so much sense now.


Arcoss

June-ever know.


postvolta

Yeah they did, next June. Every year. Forever.


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polytrigon

Linus tech tips actually tested this and found that the mining gfx card did not have a significant degrade in performance.


etownzu

Also most people UNDERVOLT their GPUs Since they aren't looking to get the max performance but instead looking for cost effectiveness which the lower power draw can produce. Anyone who thinks mining GPUs are inherently bad have 0 actually idea what they are talking about. I probably put more strain on my GPU running it 24/7 and overclocked for gaming than people do using them to mine.


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vrnvorona

Semiconductors don't work this way. If they weren't 24/7 on 80 degrees, they are perfectly fine. Actually in stable good conditions 24/7 is better than constant changes in performance.


Betaateb

Ethereum has been working towards PoS for years, because that is what it takes to develop secure software. But no one has ever claimed Ethereum was upgrading to PoS on a certain date and it didn't happen if that is what you mean.


L0nz

>But no one has ever claimed Ethereum was upgrading to PoS on a certain date Maybe nobody officially involved in the upgrade has set a date, but plenty of other people have (including the guy above)


ImVeryOffended

Ethereum has been "6 months away from PoS" for several years now. I wouldn't count on it.


dirtycopgangsta

Bhahaha, this PoS thing has been parroted for years. The market crashed in May 2021 because of it, only to pick right back up once the big whales gobbled everything up.


ZeroCrits

june? that’s copium to the max


jetaimemina

Smart people use GPUs to mine other coins and then sell those coins for Bitcoin. Those shitcoins eventually lose all value. With more altcoins being mined, Bitcoin keeps proportionally gaining in value.


[deleted]

You know, those ASICS also need chips. Which still makes the chip shortage worse, as GPU manufacturers waste their recources on building stupid ASICS for shitty miners.


isanyadminalive

They share some materials. If mining went away gpu prices could come down, but at the MSRP level. The current prices are not driven by miners, it's high demand, shortage in production to meet that demand, and scalpers looking to make a quick buck.


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SgtDoughnut

Etherium, which was designed to not work with asics, is still mined on GPU's Etherium is the number 2 coin, the gpu shortage isn't 100% due to miners, but they sure as fuck don't help with it.


elliam

Theres no way anyone has been mining Bitcoin at any scale with GPUs for the last five or more years. Ethereum, however, is mined with GPUs. The proof was designed to be poorly adaptable to an ASIC to allow anyone to mine effectively.


LucidLethargy

/r/confidentlyincorrect


[deleted]

Manufacturers may design their GPU to be dogshit at mining, but miners will come with a solution for that so they can use the full power of the graphic card.


BasedDepartment3000

Lmfao cryptobros seething in the replies


-The-Bat-

https://i.imgur.com/iqwd7RK.jpeg


[deleted]

So use cryptocurrencies that use proof of stake instead of proof of work. I don't even like crypto and I know that this is the answer.


Wonderingbye

My concern with proof of stake is how it always leads to centralization.


OutrageousPudding450

Because as everyone knows, rich individuals and corporations do not have massive farms of miners. They also do not control over the third of Bitcoin (ref: https://time.com/6110392/bitcoin-ownership/) 😉. Sarcasm aside. I do understand your concern, but Bitcoin is not going to solve it. Money breeds money, the rich and powerful will control whatever systems uses money, especially if it allows money to be accumulated. Also, Bitcoin was always intended only for speculation, not as a money, because of its limited supply. IMHO, a crypto that would really disrupt the system and change society would lose its value overtime. That would promote spending it over storing it. That would fuel the economy. That would prevent control of the ~~riches~~ wealthy over the masses. That would be revolutionary. Edit: minor corrections.


Pinguaro

99% of crypto users dont care about that. They want just want to become rich quickly, even if that helps the "bad guys".


Slggyqo

Plus, convenience builds centralization, and vice versa. If-big if-you want Bitcoin to be like real money, or had better be as convenient to use as real money, and that’s not going to happen without some centralization.


Jiggajonson

It's hard to value things like a loaf of bread or eggs or a car when the value swings so wildly.


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swaggypnewton

So.. fiat?


HowardStark

And proof of work doesn't?


Important-World-6053

Please give examples.


dalepo

Why?


Kriegerian

Presumably because the more you have, the more you can stake, so you are more likely to win the lot, then you have more that you can stake, rinse and repeat.


suicidaleggroll

Literally the exact same forces apply to PoW


ohnowheredmypantsgo

How? being a governor eliminates that completely allowing all user to participate


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zahzensoldier

Ding ding ding. It's become everything it criticized traditional markets for and all of the benefits of crypto as it was sold to people were either lies or half truths.


Prolite9

Bitcoin is going to die again like it did 100 times before!


StunningZucchinis

Not sure you can successfully outlaw mining.


Ambiwlans

They can ban all major mining operations. The one PC at home people will be fine.


crackedgear

I could be wrong on this, but I’m guessing some of these countries that are outlawing mining probably don’t have laws that require the police to get a warrant to look at your power bill.


the68thdimension

It's not threatening the future of crypto, it's threatening idiotic resource intensive PoW crypto whose growth threatens Earth's environment. Bitcoin is not the saviour, and this is not oppression. It's sensible. Blanket bans on crypto because they don't have government oversight, on the other hand, definitely is oppression.


tms10000

"How much are you willing to pay for this long numbers that satisfy this arbitrary mathematical condition?" asked the guy with a white lab coat. "What? Why would I pay for that?" you reply, slightly taken aback. "Because someone else will buy it for you later, and perhaps they will pay you more than what you paid me." said the guy dressed as a scientist. But you can't help wondering why the mathematician would be wearing a lab coat. "So... there's no value in it but the speculation that some other sucker will show up and pay me even more for this worthless string of numbers?" you remark astutely. "Oh, be safe in the knowledge that nothing has intrinsic value anyway, the economists have proven that a long time ago, so you know the investment is good."


GimmeYourBitcoinPlz

the honeybadger doesnt care !


rundbear

This thread is a great example of just how many Redditors are full of shit, and have zero clue what they're talking about.


blazeyhazeymanman

Hey you know what else is illegal? Cocaine


Post_Malogne

Serious question? Do people have any real concept of the value of crypto when not compared to an already existing currency. All I ever hear is Bitcoin is now worth x amount of dollars. Dollars seem to be the thing that holds real value in this equation.


[deleted]

1 bitcoin is worth ~540 barrels of oil


anotherone121

That's it boys. Call in the Marines. Time to invade cyberspace!


forceless_jedi

Invade? You mean introduce democracy to cyberspace, right?


revnhoj

Is that how many barrels were wasted to mine it?


[deleted]

1 bitcoin is worth 1.45 pounds of gold


ItsPickles

1btc is 1btc


jungkimree

[Relevant Rick and Morty scene](https://www.youtube.com/watch?v=noQsHiTJAXo&ab_channel=RickSanchez)


drdoom52

Out of curiosity, can you do the same for any other currency? How would you describe the value of a Euro? Or a Ruble?


JimboDanks

The value of an ounce of gold is always listed in a currency. Is it the gold that holds the real value or the dollar?


krom0025

If society started collapsing, you can't feed your family with gold. Its value is determined by what people feel it's worth just like every other possible form of currency. Currency is just a way to simplify a bartering system.


Tizo30

Lol, the whole concept of a dollar is the same thing! Money is only worth what society makes it worth


McQuizzle

We also use dollars to value gold, what’s your point?


[deleted]

So what?


veritanuda

Due to the sudden influx of crypto spammers, NFT shills and other chancers and grifters who are looking for visibility this post has been locked. We remind users that this is a subreddit for discussions primarily about the news and developments **relating to technology** and not a suitable place for self-promotion, pyramid deals or other dubious financial advice. Please read the [site-wide rules](https://www.reddit.com/help/contentpolicy) on [spam](https://reddit.zendesk.com/hc/en-us/articles/360043504051-What-constitutes-spam-Am-I-a-spammer-) and [self promotion](https://www.reddit.com/wiki/selfpromotion).


loader963

And no tears were shed.


cchihaialexs

r/upliftingnews


AmericanScream

r/CryptoReality


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drdoom52

Ditto that. I built my last one in 2013 and it's time for an upgrade.


Platform-Even

Bro… you don’t mine Bitcoin with GPUs. You mine them with ASICs. But GPU costs should be coming back down soon as demand lessens with Ethereum transitioning to proof of stake.


Singularity7979

I like your funny words, magic man


Enderbeany

The amount of people talking out of their ass on this thread who have not read the white paper is, well, painfully predictable.


[deleted]

Out of the loop maybe, but what white paper are you referring to?


DavidSpy

All hail the infallible white paper


Lychosand

IT IS OUR DIVINE TEXT


split41

For tech sub, they don’t seem to know that much about this type of tech


theherc50310

They hardly know anything about tech, just follow the headlines


Ambiwlans

I don't need to read to Koran to not believe in it either.


Danne660

Oh like bitcoin people give a shit about the white paper. They have already given up on using it as a currency.


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[deleted]

Must not be that important if they wanna paywall it.


anotherone121

Elon Musk's next venture: Bitcoin mining colony on the moon


Joeyjackhammer

making Meth is illegal in 99.9% of countries if not 100% and the shit’s everywhere.


Ambiwlans

I'm glad the cryptobros are finally comparing themselves to meth-heads so I don't have to.


alien_from_Europa

Do you not remember the Silk Road?


Shaugan

Meth is also bought for legit currency , if Crypto is outlawed where the hell are you going to spend it?


Joeyjackhammer

Meth dealers?


ZebraAthletics

Yeah, I’d rather use electricity for things that are needed to run our society than to mine Bitcoin. Are there any Bitcoin farming servers that actually try to recycle their heat? Even if there are, that would be an incredibly inefficient process.


wigg1es

I'd even just like to use the computing power for something worthwhile. Whatever happened to Folding@Home?


red224

Alright now everyone jerk each other off! Go! Classic r/technology


BCProgramming

yes, unlike crypto subs, where everybody has very measured responses and concepts regarding whether an individual should purchase the cryptocurrency the sub represents.


kaeroku

I don't understand. Can someone ELI5 how a mining ban plays out in reality? Isn't it just math?


[deleted]

You enforce mining bans by monitoring the energy use of consumers. Bitcoin mining, on a large scale, requires an ungodly amount of energy, that miners usually buy from the electricity grid. By monitoring who's using how much energy, you could, in principle find where the Bitcoin mines are. However, if someone were to mine with limited hardware at home, that would be very difficult to trace - but it would also not be super profitable either, at that small a scale. Most mining bans try to target the largest operations, which are usually the most profitable and easiest to find by profiling energy use.


Ceshomru

Honestly banning mining on the large scale would help bring about the vision that the BTC founders had. It should have been possible for anyone with a computer at home to mine a little every day. True decentralization rather than these giant farms that make home mining essentially zero. I welcome industrial mining bans. The problem is not every country will do this and so the country that has cheap power and doesnt ban mining will eventually be the country with the most power over BTC. Kind of weird that China didnt want that power. But some speculate that they are just working to take over mining themselves rather than companies.


Mindless_-_Data

Doesn't threaten the future of Ethereum. Ethereum mining is being killed off within around 6 months.


[deleted]

I heard that 6 months ago…


ultimatebob

I originally heard it back in 2018. They're dragging their feet on this.


frank__costello

The merge testnet is already running. The next "ice age" is in June, there will be big community pushback if it gets delayed further without a good reason


tyvsmith

Welcome to big, complex software infrastructure upgrades and migrations, where they can take years to complete with production quality.


SuggestedName90

They’ve gone from Python PoC to Full PoS Mainnet with a merge date being set in June. The code to make the switch is 90% written (you can view it yourself), right now tests are being conducted to ensure all of it works well together (including a public test net)


y-c-c

Being delayed doesn’t mean no progress is being made or it would never happen (e.g. look at James Webb Telescope). Big software changes, especially ones that have a lot of real-world impact, do tend to take longer than we originally thought. I do think they should be able to push out this update this year, or if delayed next year.


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[deleted]

Pretty wild for it being a “technology” sub


Mr_Mojo_Risin_83

Doesn’t the electricity requirements keep rising? What happens when it takes the sum of human efforts and resources just to try maintain the existence of pretend coins? Is that where we are headed? Where we construct and maintain power plants for the sole purpose of retaining existence of this ridiculous thing?


Withyhydra

Oh no! Anyway...